True 20% is a major holding, however: * A TO offer needs 90%...

True 20% is a major holding, however:

* A TO offer needs 90% acceptance before you can force the remaining 10% to sell into the deal - you'd have to deal with BG in this scenario

* A business sale require special resolution at an EGM, 75% vote for approval. Its possible to get a deal done this way that BG doesn't support.

BG has less say in a business sale than a takeover - and I can't see BG taking an economic interest beyond 20% forcing him to make a takeover bid in order to have a blocking vote at an EGM.

BG's corporate decision making hasn't been the greatest of late.